-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Sn607W7wEM4/OjmFxZNA22Su/mEFfndzl5qcWGkTRS4vJSYAM1V2JluPYEajXk9q 1tUnhPqxRsF+xTBCJkYQVg== 0000914317-98-000346.txt : 19980518 0000914317-98-000346.hdr.sgml : 19980518 ACCESSION NUMBER: 0000914317-98-000346 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980515 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: SUSSEX BANCORP CENTRAL INDEX KEY: 0001028954 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 223475473 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 001-12569 FILM NUMBER: 98622965 BUSINESS ADDRESS: STREET 1: 399 RTE 23 STREET 2: 9 CITY: FRANKLIN STATE: NJ ZIP: 07416 BUSINESS PHONE: 2018272917 MAIL ADDRESS: STREET 1: 399 RTE 23 CITY: FRANKLIN STATE: NJ ZIP: 07416 10QSB 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 ------------------- FORM 10-QSB (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1998 or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ____________ Commission file number 0-29030 SUSSEX BANCORP (Exact name of registrant as specified in its charter) New Jersey 22-3475473 - -------------------------------------------------------------------------------- (State of other jurisdiction of (I. R. S. Employer incorporation or organization) Identification No.) 399 Route 23, Franklin, New Jersey 07416 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) (Issuer's telephone number, including area code) (973) 827-2914 ------------------------------------------------------------------- N/A - -------------------------------------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities and Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [ X ] No [ ] As of April 30, 1998 there were 700,749 shares of common stock, no par value, outstanding. SUSSEX BANCORP FORM 10-QSB INDEX Part I - Financial Information Item I. Financial Statements and Notes to Consolidated Financial Statements Item 2. Management's Discussion and Analysis of Financial condition and Results of Operations Part II - Other Information Item 1. Legal Proceedings Item 2. Changes in Securities Item 3. Defaults Upon Senior Securities Item 4. Submission of Matters to a Vote of Security holders Item 5. Other Information Item 6. Exhibits and Reports on Form 8-K Signatures PART I - FINANCIAL INFORMATION ITEM 1 - FINANCIAL STATEMENTS
SUSSEX BANCORP CONSOLIDATED BALANCE SHEETS (in Thousands, Except Share Data) (Unaudited) March 31, December 31, 1998 1997 --------- --------- ASSETS Cash and Due from Banks ...................... $ 4,457 $ 5,793 Federal Funds Sold ........................... 20,100 7,875 Securities: Available for Sale, at Market Value ........ 23,124 26,600 Held to maturity ........................... 2,480 2,706 --------- --------- Total Securities ....................... 25,604 29,306 Loans (Net of Unearned Income) ............... 68,632 68,035 Less: Allowance for Possible Loan Losses ........................ 706 685 --------- --------- Net Loans .................. 67,926 67,350 Premises and Equipment, Net .................. 2,337 2,287 Other Real Estate ............................ -0- -0- Intangible Assets, Primarily Core Deposit Premiums ...................... 766 787 Other Assets ...................... 1,030 859 --------- --------- Total Assets ........................ $ 122,220 $ 114,257 ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Deposits: Demand .................................... 21,010 13,807 Savings ................................... 46,294 47,884 Time ...................................... 45,444 38,971 --------- --------- Total Deposits ...................... 112,748 104,882 Other Liabilities ............................ 640 789 --------- --------- Total Liabilities ................... 113,388 105,671
SUSSEX BANCORP CONSOLIDATED BALANCE SHEETS (in Thousands, Except Share Data) (Unaudited) (continued) March 31, December 31, 1998 1997 --------- --------- Stockholders' Equity: Common Stock, No Par Value Authorized 5,000,000 Shares, Issued and outstanding 700,749 in 1998 and 698,959 in 1997, respectively ............. 5,476 5,412 Retained Earnings ............................ 3,344 3,162 Treasury Stock ............................... (2) (2) Net Unrealized Gain on Securities Available for Sale, net of income taxes ....................... 14 (14) --------- --------- Total Stockholders' Equity ................... 8,832 8,586 Total Liabilities and Stockholders' Equity ...................... $ 122,220 $ 114,257 ========= =========
See Notes to Consolidated Financial Statements
SUSSEX BANCORP CONSOLIDATED STATEMENTS OF INCOME (In Thousands, Except Share Data) (Unaudited) Three Months Ended March 31, ----------------------- 1998 1997 -------- -------- INTEREST INCOME Interest and Fees on Loans .................... $ 1,384 $ 1,344 Interest on Securities: Taxable ...................................... 404 345 Exempt from Federal Income Tax ............... 19 9 Interest on Federal Funds Sold ................... 144 57 -------- -------- Total Interest Income ................... 1,951 1,755 INTEREST EXPENSE Interest on Deposits: Interest on Savings Deposits ................. 266 242 Interest on Time Deposits .................... 565 489 -------- -------- Total Interest Expense .................. 831 731 Net Interest Income .......................... 1,120 1,024 Provision for Possible Loan Losses ................................ 21 75 -------- -------- Net Interest Income After Provision for Possible Loan Losses ........ 1,099 949 NON-INTEREST INCOME Service charges on Deposit Accounts ....................... 124 126 Other Income ................................. 59 39 -------- -------- Total Non-interest Income ............... 183 165
SUSSEX BANCORP CONSOLIDATED STATEMENTS OF INCOME (In Thousands, Except Share Data) (Unaudited) (continued) Three Months Ended March 31, ----------------------- 1998 1997 -------- -------- NON-INTEREST EXPENSE Salaries and Employee Benefits ............... 511 464 Occupancy Expense, Net ....................... 92 94 Furniture and Equipment Expense .............. 95 90 Data Processing Expense ...................... 18 16 Amortization of Intangibles .................. 21 21 Other Expenses ............................... 262 242 -------- -------- Total Non-Interest Expense .............. 999 927 Income Before Provision for Income Taxes ......... 283 187 Provision for Income Taxes ....................... 101 63 -------- -------- Net Income .............................. $ 182 $ 124 ======== ======== Basic Net Income Per Common Share ................ $ 0.26 $ 0.18 Diluted Net Income Per Common Share .............. $ 0.25 $ 0.17 ======== ======== Weighted Average Shares Outstanding .............. 699,433 675,051
See Notes to Consolidated Financial Statements
SUSSEX BANCORP CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In Thousands) (Unaudited) Three Months Ended March 31, ----------------------- 1998 1997 -------- -------- Net Income .......................................... $ 182 $ 124 Other comprehensive income, net of tax unrealized loss on available-for-sale securities .................................... 19 46 -------- -------- Comprehensive Income ................................ $ 201 $ 78 ======== =======
See Notes to Consolidated Financial Statements
SUSSEX BANCORP CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (In Thousands, Except Share Data) (Unaudited) Unrealized Gain (Loss) on Total Common Retained Treasury on Securities Stockholders Stock Earnings Stock Available for Sale Equity ----- -------- ----- ------------------ ------ Balance December 31, 1997 ..... $5,412 $3,162 $ (2) $ 14 $8,586 Net Income for the Period ..... 182 182 Shares issued through dividend reinvestment plan .. 35 35 Stock Option Exercised ........ 29 29 Change in unrealized gain on securities available for sale 1 1 ------ ------ ------ ------ ------ Balance March 31, 1998 ........ $5,476 $3,344 $ (2) $ 15 $8,833
See Notes to Consolidated Financial Statements
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Three Months Ended March ---------------------- 1998 1997 -------- -------- Cash Flows from Operating Activities: Net Income ..................................... $ 182 $ 124 Adjustments to reconcile net income to net cash provided by Operating Activities: Depreciation and Amortization of Premises and Equipment .................................. 80 66 Amortization of Intangible Assets .................. 21 20 Premium amortization (discount accretion) of securities, net ............................. 14 12 Provision for Possible Loan Loses .................. 21 75 Accretion of Loan origination and commitment fees, net ........................... 12 6 Deferred Federal income tax benefit (increase) ..................................... 49 101 Decrease (Increase) in Accrued Interest Receivable ..................................... (100) (208) Decrease (Increase) in Other Assets ................ (70) (123) Decrease (Increase) in Accrued Interest and Other Liabilities .......................... (149) (124) -------- -------- Net Cash Provided by Operating Activities ... $ 60 $ (51) Cash Flow from Investing Activities: Securities Available for Sale: Proceeds from Maturities and Paydowns ....... 857 96 Proceeds from Sales/Calls Prior to Maturity . 5,000 -- Purchases ................................... (2,390) -- Securities Held to maturity: Proceeds from Maturities .................... 295 -- Purchases ................................... (70) (295) Net Increase in Loans Outstanding .............. (597) (1,412) Capital Expenditures ........................... (130) (101) Net Increase in Other Real Estate .............. -- 17 -------- --------
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (continued) Three Months Ended March ---------------------- 1998 1997 -------- -------- Net Cash Provided by (used in) Investing Activities ...................... $ 2,965 $ (1,695) Cash Flows from Financing Activities: Net (Decrease) Increase Total Deposits ...... 7,881 1,230 Payment of dividends ........................... -- (40) Net Cash (used in) Provided by Financing Activities ................... $ 7,881 $ 1,190 Net increase (Decrease) in Cash and Cash Equivalents ........................ 10,906 (556) Cash and Cash Equivalents, Beginning of Period ..................... 13,568 8,964 Cash and Cash Equivalents, End of Period .......................... $ 24,474 $ 8,408 ======== ========
See Notes to Consolidated Financial Statements SUSSEX BANCORP AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 1. Basis of Presentation Sussex Bancorp ("the Company"), a one-bank holding company, was incorporated in January, 1996 to serve as a holding company for the Sussex County State Bank ("the Bank"). The Bank is the only active subsidiary of the Company at March 31, 1998. The Bank operates seven banking offices all located in Sussex County. The Company is subject to the supervision and regulation of the Board of Governors of the Federal Reserve System (the "FRB"). The Bank's deposits are insured by the Bank Insurance Fund ("BIF") of the Federal Deposit Insurance Corporation ("FDIC") up to applicable limits. The operations of the Company and the Bank are subject to the supervision and regulation of the FRB, FDIC and the New Jersey Department of Banking and Insurance (the "Department"). The consolidated financial statements included herein have been prepared without audit in accordance with the rules and regulations of the Securities and Exchange Commission and reflect all adjustments which, in the opinion of management, are necessary for a fair statement of the results for interim periods. All adjustments made were of a normal recurring nature. These consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto that are included in the Company's Annual Report on Form 10-KSB for the fiscal period ended December 31, 1997. 2. Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash and due from banks and federal funds sold. Generally, federal funds are sold for a one day period. SUSSEX BANCORP AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 3. Securities The amortized cost and approximate market value of securities are summarized as follows (in thousands):
March 31, 1998 December 31, 1997 ----------------------- ---------------------- Amortized Market Amortized Market Cash Value Cash Value ------- ------- ------- ------- Securities Available For Sale - U. S. Treasury Securities ...... $ 7,544 $ 7,559 $ 8,049 $ 8,049 U. S. Government Backed Securities ......... 15,555 15,565 18,529 18,551 ------- ------- ------- ------- Total ...................... $23,099 $23,124 $26,578 $26,600 Securities Held to Maturity - Obligations of State and Political Subdivisions .. 1,787 1,791 2,082 2,089 Other Debt Securities ... 693 693 624 624 ------- ------- ------- ------- Total 2,480 2,484 2,706 2,713 Total Securities .. $25,579 $25,608 $29,284 $29,313 ======= ======= ======= =======
4. Recently Issued Accounting Pronouncements The Company adopted Statement of Financial Accounting Standards No. 130 "Reporting Comprehensive Income" ("Statement 130") effective March 31, 1998. Statement 130 establishes standards for reporting and display of comprehensive income and its components in a full set of general purpose financial statements. Under Statement 130, comprehensive income is divided into net income and other comprehensive income. Other comprehensive income includes items previously recorded directly in equity, such as unrealized gains or losses on securities available-for-sale. Statement 130 became effective for interim and annual periods beginning after December 15, 1997. Comparative financial statements provided for earlier periods are reclassified to reflect application of the provisions of the statement. SUSSEX BANCORP AND SUBSIDIARY ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS Three Months Ended March 31, 1998 and March 31, 1997. OVERVIEW The Company realized net income of $182 thousand for the first quarter of 1998, a increase of $58 thousand, or 46.8% from the $124 thousand reported for the same period in 1997. Basic earnings per share were $.26 for the quarter ended March 31, 1998 as compared to $.18 for the prior period, and diluted earnings per share were $0.25 and $0.17 for the periods ended March 31, 1998 and 1997 respectively. Interest Income. Total interest income increased $196 thousand, or 11.2%, to $2 million for the three months ended March 31, 1998 from $1.8 million for the three months ended March 31, 1997. This growth in interest income is the result of a $13.3 million increase in earning assets over the comparable period of last year, partially offset by a decrease in the average yield on total earning assets to 7.28% during the quarter compared to 7.48% during the quarter ended March 31, 1997. The decline in average yield reflects reinvestment of mortgage principal repayments and amortization and cash flows from called and maturing investment securities being reinvested at lower current market rates of interest, as well as the Company's decision to offer lower rate products in its efforts to retain its market share. Interest Expense. Interest expense on deposits increased $101 thousand, or 13.8%, during the current quarter compared to the comparable quarter a year ago. The average balance of interest bearing deposits increased $8.3 million, or 10.4%, for the quarter ended March 31, 1998 over the comparable quarter in the prior year. This growth is primarily the result of the Company marketing a Certificate of Deposit which was not being offered by its competitors. The average cost of the interest-bearing deposits increased to 3.78% during the current quarter, from 3.73% during the comparable quarter in the prior year. Table 1 following presents a summary of the Company's interest-earning assets and their average yields, and interest-bearing liabilities and their average costs and shareholders' equity for the three months ended March 31, 1998 and 1997. The average balance of loans includes non-accrual loans, and associated yields include loan fees which are considered adjustment to yields.
Comparative Average Balance Sheets Three Months Ended March 31, --------------------------------------------------------------------- 1998 Average 1997 Average Interest Rates Rates Average Income/ Earned/ Average Income Earned/ Balance Expense Paid Balance Expense Paid ------- ------- ---- ------- ------- ---- (Dollars in Thousands) Assets Interest Earning assets: Taxable loans (net of unearned income)............................ $ 68,549 $ 1,384 8.08% $ 66,208 $1,344 8.09% Tax exempt securities.............. 1,906 19 4.21% 829 9 5.85% Taxable investment securities.. 26,462 404 6.11% 22,537 345 6.09% Interest bearing deposits.......... 86 1 4.65% 0 0 0.00% Federal Funds sold................. 10,305 144 5.59% 4,446 57 5.26% Total earning assets............... 107,308 1,952 7.28% 94,020 1,755 7.48% Non-interest earning assets........ 8,133 8,388 Allowance for possible loan losses...................... (697) (602) Total Assets................. $114,744 $101,806
Comparative Average Balance Sheets Three Months Ended March 31, --------------------------------------------------------------------- 1998 Average 1997 Average Interest Rates Rates Average Income/ Earned/ Average Income Earned/ Balance Expense Paid Balance Expense Paid ------- ------- ---- ------- ------- ---- (Dollars in Thousands) Liabilities and Shareholders' Equity Interest bearing liabilities: NOW deposits....................... $12,951 $ 61 1.88% $ 12,578 $ 59 1.90% Savings deposits................... 26,680 179 2.50% 26,625 164 2.50% Money market deposits ............. 4,347 26 2.39% 3,529 19 2.30% Time deposits ......................... 41,953 566 5.40% 36,947 489 5.46% Total interest bearing liabilities ............. 87,931 832 3.78% 79,679 731 3.73% Non-interest bearing liabilities: Demand Deposits ................... $ 17,517 $ 13,286 Other liabilities ................. 915 939 Total non-interest bearing liabilities........................ 18,432 14,225 Shareholders' equity .............. 8,381 7,902 Total liabilities and shareholders' equity.......................... $114,744 $101,806 New interest differential ......... $ 1,120 $ 1,992 Net yield on interest-earning assets ......................... 4.22% 4.32%
Provision for Loan Losses. The provision for loan losses for the three months ended March 31, 1998 was $21 thousand compared to $75 thousand for the same period last year. The decrease in the provision for loan losses reflects management's judgments concerning the risks inherent in the Company's existing loan portfolio and the size of the allowance necessary to absorb those risks. Management reviews the adequacy of its allowance on an ongoing basis and will provide for additional provisions in future periods as may be necessary. Other Income. The Company's other income is primarily generated through service charges on deposit accounts. The Company's other income increased from $165 thousand for the quarter ended March 31, 1997 to $183 thousand for the quarter ended March 31, 1998. This increase was primarily attributable to a $20 thousand increase in income from the sale of non-deposit products, primarily mutual funds. Income Taxes. Income tax expense increased $38 thousand to $101 thousand for the first quarter of 1998 compared to $63 thousand for the same period in 1997. The increase in income taxes resulted from higher levels of taxable income in 1998. FINANCIAL CONDITION March 31, 1998 as compared to December 31, 1997 Total assets increased to $122.2 million, an $8.0 million, or 7% increase from total assets of $114.3 million at December 31, 1997. There were increases of $12.2 million in Federal Funds sold, $597 thousand in total loans, and $200 thousand in all other assets, which consists of premises and equipment, other real estate, intangible assets, and other assets. This was offset by decrease $1.3 million in cash and due from banks. Total loans at March 31, 1998 increased $597 thousand to $68.6 million at March 31, 1997. Within the portfolio, commercial and industrial loans increased $323 thousand, or 13% from December 31, 1997 to $2.8 million at March 31, 1998. The following schedule presents the components of loans, net of unearned income, by type, for each periods presented.
March 31 December 31 1998 1997 ----------------------- ----------------------- Amount Percent Amount Percent (Dollars in Thousands) Commercial and industrial............... $2,822 4.11% $ 2,499 3.75% Real Estate non residential properties......................... 10,889 15.87% 10,665 15.87% Residential properties............. 51,042 74.37% 51,257 75.30% Construction .......................... 1,018 1.48% 877 1.30% Lease financing ........................ 166 0.24% 0 0 Consumer .............................. 2,695 3.93% 2,765 4.06% ------- ------ ------- ------ Total Loans ........................... $68,632 100.00% $65,464 100.00% ======= ====== ======= ======
Federal funds sold increased by $12.2 million over December 31, 1997. The increase is attributable both to the short term investment of a public deposit received by the Bank and cash from prepayments and repayments in the investment portfolio exceeding new loan demand. Subsequent to March 31, 1998, the Company reinvested this excess cash in new investment securities. Total average deposits increased $10 million, or 10.10%. Time deposits over $100,000 increased by $5.4 million, savings deposits increased by $270 thousand and demand deposits increased by $2.9 million. Management continues to monitor the shift in deposits through its Asset/Liability committee. The following schedule presents the components of deposits, for each periods presented.
March 31, 1998 December 31, 1997 ----------------------- ---------------------- Average Average Amount % Amount % -------- ------ -------- ------ NOW deposits ........................... $ 12,863 11.92% $ 12,593 12.85% Savings deposits ..................... 28,754 28.64% 28,109 28.67% Money market deposits ................ 4,324 4.00% 3,580 3.65% Time deposits ........................ 43,253 40.07% 37,874 38.63% Demand deposits ...................... 18,749 17.37% 15,886 16.20% -------- ------ -------- ------ Total interest-bearing liabilities . $107,943 100.00% $ 98,042 100.00% ======== ====== ======== ======
ASSET QUALITY At March 31, 1998, non-performing loans decreased $121 thousand, as compared to December 31, 1997. The decrease was attributable to real estate loans which were restored to performing status. Management continues to work diligently to reduce the Company's non-performing loans. The following table provides an analysis of non-performing loans and assets:
March 31 December 31 1998 1997 ---- ---- Non-accrual loans.................... $ 609 $ 730 Non-accrual loans to total loans....................... .89% 1.07% Non-performing assets to total assets................... .50% .64% Allowance for possible loan losses as a percentage of non-performing loans............... 86.26% 93.80%
ALLOWANCE FOR POSSIBLE LOAN LOSSES The allowance for possible loan losses is maintained at a level considered adequate to provide for potential loan losses. The level of the allowance is based on management's evaluation of potential losses in the portfolio, after consideration of risk characteristics of the loans and prevailing and anticipated economic conditions. The allowance is increased by provisions charged to expense and reduced by charge-offs, net of recoveries. Although management strives to maintain an allowance it deems adequate, future economic changes, deterioration of borrowers' credit worthiness, and the impact of examinations by regulatory agencies all could cause changes to the Company's allowance for possible loan losses. At March 31, 1998, the allowance for possible loan loses was $706 thousand, up 3.07% from the $685 thousand at year-end 1997. There were no net charge-offs during the first quarter of 1998. LIQUIDITY MANAGEMENT At March 31, 1998, the amount of liquid assets remained at a level management deemed adequate to ensure that contractual liabilities, depositors' withdrawal requirements, and other operational and customer credit needs could be satisfied. At March 31, 1998, liquid investments totaled $20 million, and all mature within 30 days. CAPITAL RESOURCES Total Stockholders' equity increased $246 thousand to $8.8 million at March 31, 1998 from $8.6 million at year end 1997. The increase was due primarily to net income of $182 thousand for the first three months of 1998. At March 31, 1998, both the Company and the Bank exceeded each of the regulatory capital requirements applicable to it. The table below presents the capital ratios at March 31, 1998 for both the Company and the Bank as well as the minimum regulatory requirements.
Regulatory Amount Ratio Amount Minimum Ration ------ ----- ------ -------------- The Company Leverage Capital 8,066 7.03% 3,442 3,5% Tier 1 - Risk Based 8,066 14.26% 2,263 4% Total Risk-Based 8,772 15.50% 4,526 8% The Bank Leverage Capital 7,739 6.79% 3,419 3-5% Tier 1 Risk-Based 7,739 13.86% 2,234 4% Total Risk-Based 8,437 15.11% 4,468 8%
PART II Item 1 Legal Proceedings The Company and the Bank are periodically involved in various legal proceedings as a normal incident to their businesses. In the opinion of management, no material loss is expected from any such pending lawsuit. Item 2 Changes in Securities Not applicable Item 3 Defaults Upon Served Securities Not applicable Item 4 Submission of Matters to a Vote of Security Holders Not applicable Item 5 Other Information Not applicable Item 6 Exhibits and Report on form 8-K (a) Exhibits Number Description 27 Financial Data Schedule (b) Reports on Form 8-K Date of Event Event Reported ------------- -------------- January 23, 1998 Item 4 - The Registrant reported that it had replaced its prior independent auditors, Arthur Anderson, L.L.P., with Radics & Co., L.L.P. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. SUSSEX BANCORP Date: May 15, 1998 By: /s/ Candace A. Leatham ------------------------- CANDACE A. LEATHAM Senior Vice President and Chief Financial Officer EX-27.1 2
9 3-MOS DEC-31-1998 MAR-31-1998 4,357 100 20,100 0 23,124 2,480 0 67,926 706 122,220 0 0 0 0 0 0 5,476 3,356 122,220 1,384 567 0 1,951 831 831 1,120 21 0 999 283 283 0 0 182 0.26 0.25 0.25 609 0 344 0 685 0 0 706 706 0 0
EX-27.2 3
9 3-MOS DEC-31-1997 MAR-31-1997 5,693 100 7,875 0 26,600 2,706 0 67,351 685 114,257 0 0 0 0 0 0 5,412 3,174 114,257 5,517 1,866 0 7,383 3,063 3,063 4,320 210 0 3,753 1,101 1,101 0 0 708 1.03 1.02 1.02 730 0 344 0 542 68 1 685 685 0 0
-----END PRIVACY-ENHANCED MESSAGE-----